Revenue at HashiCorp, a company that helps developers manage cloud infrastructure, surged 49% in the second quarter, according to the company’s filing to go public on Thursday.

NYSE ticker symbol “HCP” will be used to identify the corporation.

For its 1,500 employees, HashiCorp describes itself as a “remote-first corporation with a global distributed workforce.” Mitchell Hashimoto, one of the firm’s co-founders, launched the company in 2012.

Company Overview

Cloud-based open-source software, such as Terraform and Vault, is available from HashiCorp. Subscription revenues made up nearly all of the company’s revenue for the quarter ending July 31, up from $50.5 million in the same period last year.

Company Financials

To capitalise on the rising demand for fast-growing software enterprises, the company is preparing to go public. In the most recent quarter, GitLab, a fully-remote developer collaboration platform, generated $58.1 million in sales and has a market capitalization of $16 billion. Founded in September, Toast is a company that supplies restaurants with hardware, software, and payment solutions.

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